ihta84/sch4/para2.- Part I Treasury Directions: Conditions

[1982 s.93(2).]

2. - (1) The conditions referred to in paragraph 1 above are -

(a) that the Treasury ¹ are satisfied -

(i) that the trusts on which the property is held comply with the requirements mentioned in paragraph 3 below, and

(ii) that the property is of a character and amount appropriate for the purposes of those trusts; and

(b) that the trustees -

(i) are approved by the Treasury ¹ ,

(ii) include a trust corporation, a solicitor, an accountant or a member of such other professional body as the Treasury ¹ may allow in the case of the property concerned, and

(iii) are, at the time the direction is given, resident in the United Kingdom.

[1982 s.94(1).]

(2) For the purposes of this paragraph trustees shall be regarded as resident in the United Kingdom if -

(a) the general administration of the trusts is ordinarily carried on in the United Kingdom, and

(b) the trustees or a majority of them (and, where there is more than one class of trustees, a majority of each class) are resident in the United Kingdom;

and where a trustee is a corporation, the question whether the trustee is resident in the United Kingdom shall, for the purposes of paragraph (b) above, be determined as for the purposes of corporation tax.

[1982 s94(1).]

1925 c.20.
S.I. 1979/1575
(N.I. 14).

(3) In this paragraph -

"accountant" means a member of an incorporated society of accountants;

"trust corporation" means a person that is a trust corporation for the purposes of the Law of Property Act 1925 or for the purposes of Article 9 of the Administration of Estates (Northern Ireland) Order 1979.

1 By 1985 s.95, the functions of the Treasury were transferred to the Commissioners of Inland Revenue ("the Board").